New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

Property Management and Board Relations

Posted by All Area Realty Services Team on Jul 17, 2018 6:13:03 PM

A harmonious and collaborative relationship between you a property management company and building's co-op board is a necessity. This harmony can only take place with a clear understanding of roles and responsibilities.

That being said, it can be easy for the duties to get blurred and overlap, but you and the board each have their own distinct set of duties. Building boards are responsible for making decisions regarding capital expenditures, which prospective. As management you are responsible for providing unbiased information to the board and carrying out the boards goals and objectives.

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Overlap usually arises when the board is too closely involved in overlooking management duties, or giving the property manager responsibilities that aren’t in the contract, therefore unanticipated. These extra responsibilities could take away a manager's ability to fulfill the actual contracted expectations. The only instance overstep is acceptable is normally under emergency circumstances. 

To sum it up, for a co-op board and property manager to have the most efficient and happy relationship there has to be clear communication about your roles and theirs. Along with that communication there has to be effort to stick to those clear distinct guidelines of duty by making sure the board and residents understand roles and responsibilities of each party. 

All Area Realty Services is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area. 

 

 

 

 

Topics: Co-Op Board, Property Management, Condo Board Association, Co-Op Building